Business Week - Bioglan profit boost.
Fast-growing pharmaceutical moves into profit for the first
After a year of marked growth during which it pulled itself out of the red for the first time, pharmaceutical company Bioglan Pharma is due announce its annual results today.
Since September, when the company reported interim profits of #842,000, Bioglan has increased its product portfolio and expanded its marketing activities.
It has also progressed its proprietary drug delivery technology – which enables the reformulation of a drug for specific needs.
Among its major deals in the last six months, the company has purchased dermatology products from Novartis and Hexal in Germany, received rights to sell its generic version of Prozac in Europe and bought marketing rights for SkyePharma’s Solareze cancer prevention gel in the US.
Analysts at ING Barings were impressed with the company, beginning their coverage of the company’s stock with a ‘buy’ recommendation, which they are maintaining.
Responding to Bioglan’s interim results, the analysts said they ‘confirm strong organic growth and the success to date of its aggressive acquisition strategy, which has resulted in particularly strong growth in the young US business.’ They saw company’s proprietary drug delivery technology as a particular asset.
Under this quick and cheap development process, the company is now developing a Biosphere system that provides the sustained release of large molecules administered by injection. The analysts rank Bioglan as one of a large group of fast-growing profitable pharmaceutical companies.
‘We believe these companies will go from strength to strength,’ they said ‘among them, Bioglan offers a low-risk strategy.’
Finance director Dr. Ann Simon joined Bioglan in 1998. Previously, Simon was in the corporate finance department of Cazenove & Co, focusing on advising small companies and pharmaceuticals.
For product and company information go to www.bioglan.com.